標普爲何把特斯拉下調爲垃圾級別

Tesla Motors Inc. (TSLA), the new kid on the block in the auto world, may be a Wall Street darling, but Standard & Poor's Ratings Services signaled it isn't impressed with the luxury electric-car maker, and sideswiped it with a junk rating.

汽車行業的新秀特斯拉汽車公司（Tesla Motors Inc.）也許是華爾街的寵兒，但標準普爾評級服務機構（Standard & Poor's Ratings Services）並不看好這家豪華電動車製造商，還給予它垃圾級的評級。

The firm rates Tesla six levels into junk, at a B- corporate credit rating, citing concerns about the auto company's niche market that has a very limited product range, and operating diversity compared to significantly larger and stronger rivals. S&P warned it expects Tesla will face pressure from competitors aiming to penetrate the alternative-fuel vehicles markets with improved automobiles.

標準普爾公司對特斯拉的企業信用評級爲“B-”，比投資級別低了6個等級，標普稱特斯拉汽車利基市場的產品範圍較窄，與大型汽車公司相比運營多樣性有限。標普預計特斯拉將面臨來自競爭對手的壓力，它們將通過改進版汽車進入替代燃料汽車市場。

"We believe there is considerable uncertainty in Tesla's long-term prospects and believe that the company is less likely (compared to larger, more established automakers) to successfully adapt to competitive and technological [risks]," wrote S&P credit analyst Nishit Madlani in a research report.

標普信用分析師尼什特o馬蘭尼在研究報告中寫道：“我們認爲特斯拉的長期前景存在較大的不確定性，而且我們認爲這家公司（與更大型更成熟的汽車製造商相比）不太可能成功地適應競爭和技術（風險）”。

S&P's rating on Tesla is six notches under the rating of larger peer Ford Motor Co. (F), which has an investment-grade rating, and five levels under General Motors Co. (GM).

標普對特斯拉的評級比福特汽車（Ford Motor Co.）的評級（投資級評級）低了6個等級，也比通用汽車公司（General Motors Co.）低了5個等級。

Interestingly, S&P's new rating on Tesla is "unsolicited," meaning the firm doesn't have a rating agreement with Tesla. But S&P said it believes there is "sufficient market interest in the company's obligations to initiate analytical coverage."

有意思的是，標普對特斯拉的新評級是“非請求評級”，意味着標普並沒有與特斯拉達成評級協議。但標普表示“投資者對特斯拉非常感興趣，值得分析研究”。

Tesla earlier in May reported record sales of the company's Model S, exceeding Tesla's own expectations. The automaker intends to expand Model S production later this year and also introduce Model X next year. Tesla also first began to sell cars in China earlier this year, a market the company said could be one of its largest within a few years.

今年5月初，特斯拉報告旗下的S型車創下銷售記錄，超過特斯拉公司自己的期望。公司計劃今年晚些時候擴大S型車的生產，明年將引入X型車。今年早些時候，特斯拉首次開始在中國銷售汽車。這家公司表示，中國未來幾年內可能會成爲它最大的市場之一。

The company's shares, which closed above $211 on Tuesday, have soared since it went public at $17 in 2010. Investors are betting Tesla can continue to generate strong sales of the company's pricy electric sedans and potentially a cheaper third-generation vehicle intended for the mass market.

2010年，這家公司上市時的股價爲17美元。此後，特斯拉股價大幅飆升，本週二（5月27日）收盤價高於211美元。投資者認爲特斯拉昂貴的電動轎車以及向大衆市場推出的更便宜的第三代汽車能夠繼續實現強勁的銷售業績。

But S&P warned it could lower Tesla's rating if it appears projected long-term demand fails to meet its estimates, leading to overcapacity. A downgrade could also occur if additional debt funding needs arise, or if cost overruns occur as Tesla aims to expand the Model S into Europe and Asia this year.

但標普警告稱，如果預測的長期需求無法達到特斯拉預估的水平，導致產能過剩，它可能會降低特斯拉的評級。如果出現額外的債務融資需求，或者在特斯拉今年將S型車拓展至歐洲和亞洲過程中出現成本超支，標普也可能會下調它的評級。